A great multitude of groups have entered the race to tokenize bitcoin cash (BCH). Developers are energized by a £5 million prize to bring this functionality to the cryptocurrency’s ecosystem, which means we might soon see smart contracts implemented with BCH.
£5 Million in Bitcoin Cash Prize
More than 50 teams have entered a bitcoin cash (BCH) tokenization challenge, which is meant to help make the cryptocurrency into a “cornerstone of a globally distributed economy.” The contest was recently launched by Coingeek, the cryptocurrency company led by the billionaire entrepreneur Calvin Ayre, and is backed by a £5 million in prize money. It has done so in cooperation with technology research and development firm Nchain Group.
“While it is our firm belief that BCH is the one true blockchain that will emerge out of all the FUD around cryptocurrencies right now, we want to also ensure BCH has all the tools necessary to make that claim and more. Tokenization is another step on that journey as we create a ‘best of breed’ coin that has all the components of the original Satoshi white paper but also has the additional features that enhance BCH further still,” said Ayre.
Requirements and Assets
The organizers explain that challengers need to design a system that enables to securely create, issue, redeem and destroy tokens; a wallet allowing the user to view, trade and redeem their holdings; and an audit solution that allows a third party to independently validate the status of all issued tokens on the blockchain. They are not required to involve the execution of a smart contract on the blockchain, but participants must demonstrate real-world use cases.
Coingeek will provide access and licenses to use certain assets from Nchain’s patent portfolio. The solutions will be evaluated on how well they meet the objectives as well as their effectiveness in using these intellectual property assets. Participants, however, are not limited or required to use Nchain’s assets as Coingeek says it encourages creativity and new ideas.
If you are part of a team of developers interested in taking part, you can learn more and register for the contest here.
Is tokenization going to be the big game changer for bitcoin cash? Tell us what you think in the comments section below.
Images courtesy of Shutterstock.
Do you agree with us that Bitcoin is the best invention since sliced bread? Thought so. That’s why we are building this online universe revolving around anything and everything Bitcoin. We have a store. And a forum. And a casino, a pool and real-time price statistics.